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What is the KYC Profile and how to pass it?

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Valerie Mitroshenko
  • Updated

 

Screenshot_2020-06-16_at_14.19.13.png What is the KYC Profile on Joom?

KYC (Know Your Customer) Profile — is a page in your Joom account displaying your company info, including:

  •  information about the company itself.
  •  information about the company director or legal representative.
  • OPTIONAL: information about the company UBO (Ultimate Beneficial Owner)

    According to the Terms of Service 1.4, a merchant must represent a legal entity or be an individual entrepreneur. That means that Joom works only with the certified legal entity and not with a person/team. All legal entities must pass the KYC profile. 


    PLEASE NOTE:

    Your KYC profile must contain only the up to date documents

     

Screenshot_2020-06-16_at_14.15.39.png Where to Find the KYC Profile?

You, as a merchant, need to provide your company information for the KYC profile:

  1. Open the Settings page in your Joom account.

    Screen_Shot_2020-07-23_at_10.41.07.png

  2. Choose the KYC Profile tab.
    Screen_Shot_2020-07-23_at_10.41.16.png

  3. Fill in all the information (obligatory fields are marked with an asterisk *).

  4. Click on the Send for Review.

 


PLEASE NOTE:

The Profile review may take up to one week.

 

Screenshot_2020-06-16_at_14.16.47.png Requirements for Passing the KYC 

Company

The company in the KYC profile should be the one receiving money from Joom

Up-to-date information

Please provide the latest up-to-date information about your company.

If any information has been changed, you must update this information (e.g., if a legal representative has been changed, please state the current legal representative in the KYC Profile).

UBOs (Optional) 

UBO is the Ultimate Beneficial Owner of the company, the person or entity who holds 25% or more of share capital. 

If your company has several UBO’s, you must provide information about all of them.

This information is not obligatory for filling in 

Photos of documents
  • Joom accepts only a high-quality color scan or photo of the documents (black and white scan or photo is not allowed).
  • The text must be easy to read.
  • Any sign of Photoshop is prohibited.

 

PLEASE NOTE:

Joom checks that the money is paid to the legal entity declared in the KYC Profile. 

If you receive money via Payoneer, please make sure that the business license number specified in your KYC Profile is the same as in your Payoneer account, otherwise the money cannot be successfully transferred.

 

mceclip0.png Specific cases, e.g. company liquidation

If something happens to the company Joom is working with, for example, it is being shut down, the merchant can no longer be a Joom seller and a non-existent company cannot receive any payments from Joom.In order to avoid problems with receiving the invoices, you must inform Joom about your company liquidation before it ceases to exist, in other words, while it is still functioning and is an existing legal entity. It is necessary that you notify Joom before the liquidation process begins.

 

Please note, such cases are resolved individually after the merchant contacts Joom directly.

Screenshot_2020-06-16_at_14.18.09.png KYC Statuses

When you send your company info for review, you will see the review status on the top of the page. 

Screenshot_2020-06-16_at_14.23.07.png

Action Required

Fill in all the fields and complete the profile.

On Review

Your Profile is sent for the review. Please, wait for the results.

Profile Reviewed

Your KYC Profile was reviewed and approved by Joom.

KYC Not Passed

Review failed. Please, fix the errors.

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